KLCI Ends +0.3%; Sell On Rebounds - Maybank IB

The KLCI ends up 0.3% at 1519.41 in thin volume. A local dealer says the market is in a consolidation phase and has been moving within a tight six-point range for the whole day. "Most players are staying on the sidelines, but we're seeing a little bargain-buying for stocks that were badly battered last week," he says. Maybank IB says the market will likely stay rangebound for the next few weeks in the absence of market-moving news. "It now remains for the local market to digest the higher local interest rate scenario going forward," the house says. Charts tip the index may eventually fall towards support at 1474; "sell and dispose on futile, low volume index rebounds," Maybank says. Market breadth is negative with 394 decliners against 305 advancers. Among decliners, Petronas Chemicals (5183.KU) is down 0.7% at MYR6.87, YTL (4677.KU) is down 1.9% at MYR1.55 and Sime Darby (4197.KU) is down 0.1% at MYR8.80. Among advancers, AirAsia (5099.KU) is up 1.3% at MYR3.10 and Axiata (6888.KU) is up 1.0% at MYR4.90. (kwan-por.lee@dowjones.com)